Microfinance Organization Introduces Mobile Banking Service

A microfinance organization in Papua New Guinea (PNG) has introduced mobile banking services to its clients in a drive to promote financial inclusion.

The People’s Micro Bank Ltd (PMBL) launched their mobile banking service yesterday, becoming the first microfinance organization to offer this.

The service allows PMBL clients to conveniently check their balance, transfer funds and get mini statements with their mobile phones.

PMBL chairman, Julius Yeoh, said the move is part of an ongoing strategy to leverage technology to power its services.

“This mobile banking launch is part of an ongoing strategic move to leverage the telecommunication technological platform to power its [PMBL’s] banking services.”

Yeoh said the cutting edge technological development will bring benefits to the consumers and the business. He also added that the product would promote greater financial services to everyone.

Yeoh also said the bank’s lending rates are the most competitive in the microfinance industry and is half of what forerunners are charging, and there were no recurring fees or monthly charges for savings accounts.